How long does a policyowner have to pay the first premium for a life insurance policy in Virginia?

In Virginia, the policyowner typically must pay the first premium at the time the application is submitted. This practice is vital because the payment of the first premium is often required to activate the coverage. Without it, the insurance company is not obligated to start the policy, as the acceptance of the application alone does not constitute a binding contract until the premium is paid.

Understanding this timing is crucial for both agents and policyholders because it directly impacts when coverage begins. Once the premium is paid with the application, coverage can commence immediately or as otherwise specified in the policy terms. If the premium is not paid at the time of application, the application may be considered incomplete, and the insurer might delay the start of the policy until the payment is received according to their specific rules and procedures.